As an independent contractor in Lake County, there are times when the folks working for you fall into gray areas where you may or may not need workers compensation insurance coverage. Do you fully understand the laws and obligations? We do, and it’s still hard to explain or just depends upon your individual situation. Don’t presume or take the word of someone who “may” know. Protect yourself, your interests and your workers and call the experts at California Contractors Insurance. We’ll give it to you straight and tell you exactly the type of workers compensation insurance you need.
Workers Compensation Insurance Company Near Me In Lake County California
The worker’s compensation insurance experts at California Contractors Insurance have years of experience in the field of contractors insurance. Each of our highly skilled and certified agents is adept at designing workers compensation insurance policies that will meet the Lake County CA legal requirements and the comprehensive coverage you and your workers need. Do you know what your obligations are when it comes to workers compensation insurance? Don’t guess and hope, find out and get covered. Trust us, you’ll sleep better knowing you have the coverage you need and require. As an independent contractor, you have enough to worry about, let us help provide you with the peace of mind you need.
Free Workers Compensation Insurance Quote – (888) 728-4034
Workers compensation insurance and health insurance are not the same things. Know the difference? We do, so call California Contractors Insurance at (888) 728-4034 and we’ll provide you with the right coverage your business needs. Request a free, no-obligation quote today and protect your business and your workers today. You’ll be glad you did.
Understanding Workers’ Compensation Insurance and More
A lot of mid-sized businesses in Lake County will normally have at least a staff member or more. Therefore, as a business owner, having some knowledge on how workers’ compensation insurance works will go a long way in saving you a grand headache and financial damages in case something happens to any of your employees.
Workers’ compensation insurance coverage in Lake County CA is an insurance policy that offers wage replacement and medical expenses to your workers in case they are injured. This policy is in exchange for necessary relinquishment of their right to sue the company for compensation.
Why This Policy Is Useful
This policy serves to safeguard the company from punitive lawsuits by their employees. In some cases, the lawsuits can cause financial damages causing the business to become insolvent when the damages granted are too high for the employer to afford. Hence, this system of cumulative liability was adopted to resolve the problem.
The compensation strategies in Lake County vary amongst jurisdictions. Nevertheless, in general terms, a type of disability insurance through replacement of wages can be adopted. There will also be compensation for the economic loss for the injured staff member, payment or reimbursement of medical costs along with benefits awarded to the employees’ dependents in case of death.
As a company owner, you should comprehend why such an insurance plan is handy. Apart from saving you from suits that can damage your reputation, it also prevents you from closing down due to high damages granted to the injured employee.
The Policy Is Not Standardized
The workers’ compensation insurance coverage are managed by the individual states and territories business is located. Therefore, there isn’t a single guideline that is followed when awarding damages. Hence, when your company expands to other states, it would be prudent to find out from your attorney how the law operates in that area, and therefore you can adjust the policy accordingly.
Generally, damages sought for pain and suffering due to the carelessness of the employer along with compensatory damages for the company are not covered by the workers’ compensation plan. Therefore, it would be prudent for the company to make sure that none of their policies or operations directly put the employees at risk of injury just because such an insurance plan remains in place.
Not All Businesses Apply
Not all companies need to have workers’ compensation insurance in place. For instance, small businesses (particularly sole proprietorships and collaborations) will not need the insurance coverage unless they have workers who aren’t also owners. Sometimes, the state laws will permit the owners to get the compensation plan for themselves (as their own staff members) if they wish.
Some states also don’t require the business to have compensation insurance plan in place if the employees are solely paid on commission. Depending on the state, the law might treat uninsured professionals as employees in case they are injured while working for you.
Getting the Plan
As a rule, if you have employees who aren’t owners, then it is a requirement to have such compensation insurance plans in place. The majority of companies take measures to make sure that their work environment is safe, but accidents do take place, and livelihoods are lost as a result. Hence, getting workers’ compensation insurance will protect both you and your staff members in the event of an accident.
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